₦airaland Forum

NigerDeltan:
you are in almost all the thread today
what is the secret dear?

Cheap MB efriwia

grandstar:
This is the revival of Africa's largest white elephant project!

At a time when there is a massive glut of steel worldwide and China is dumping it's jaw dropping surpluses globally and depressing prices, Nigeria wants to revive this sink hole.

The country has zero comparative advantage in steel production. The money will be better used setting up yam farms on planet Mars.

Balderdash!

glut worldwide yet we spend $3 Billion annually importing steel. The way some people reason is just ...

How i wish dangote could just buy this ajaokuta steel thing and get it fixed,he's the only manager i can trust.

This news will only be a repeat of what we have heard from previous governments unless there is a meticulous planning and execution by this administration.

If there is commitment, we will achieve the industrialization sooner than later.

The rail line to connect Ajaokuta to Itakpe and to Aladja should also be in the pipeline.

Long Live Nigeria!

Buhari will make Nigeria great. This is going to be a milestone achievement for this govt if brought to a functional capacity and big shame to critics.

amiibaby:
So there is suppose to be secret for being amongst the few that comment...... I Neva knew it's an achievement

Pretty awa u

mamaafrik:
How i wish dangote could just buy this ajaokuta steel thing and get it fixed,he's the only manager i can trust.

He bought the Oshogbo Steel Rolling Mill during the Obasanjo regime. Nothing is happening there.

obailala:
Every single Nigerian government has signed one historic deal or the other concerning this ASC, but it all ends in the same story. Hopefully this would be the last promise. Someone should wake me up when the first set of steel billets are rolled out.

Sadly, that wont happen in this regime, Happy as I am about this development, I just pray they'll be able to really pull this off. It'd be a miracle if they do.

Knowing Fayemi though, I'm sure he has been able to reach level of progress that you'll hope can be further buitl on by whoever succeeds him in the ministry.

GMB tried here, appointing a "futurist" and indigene of a solid minerals state in the ministry of mines even if he didn't major in the field. It's still a long shot from Baba Iyabo who filled that same spot with a MAPOLY Secretarial Studies Graduate.

delpee:
He bought the Oshogbo Steel Rolling Mill during the Obasanjo regime. Nothing is happening there.

Sources have it that Dangote and co have their part in Nigeria's moribund steel sector.

He and his friends were the ones importing billets into the country then.

Although the entire project also has many odds stacked against it. Logistics being first.

But perhaps if the new Consortium begins with the mills as they're wont to do, they'd make enough money to take on pigging proper

niggi4life:
Honestly the FG is really doing a good job these days, forcing other government parastatals to also sit up.
You hear news about signing of MoU from one state to another, i just hope this mentality of "can do" attitude last for a very long time

Talk is cheap

obailala:
Every single Nigerian government has signed one historic deal or the other concerning this ASC, but it all ends in the same story. Hopefully this would be the last promise. Someone should wake me up when the first set of steel billets are rolled out.

.

Good news but I have lot of fears.
if the original investors, the Russian are not the ones handling it, I forsee the same vicious circle,
from background info, I learnt it is the Indians that are in it.
I'm not comfortable if u have gone thru the history of ASC

delpee:
He bought the Oshogbo Steel Rolling Mill during the Obasanjo regime. Nothing is happening there.

i bet he is handicapped,hmmmmm,NIGERIA,we hail thee.

obailala:
Every single Nigerian government has signed one historic deal or the other concerning this ASC, but it all ends in the same story. Hopefully this would be the last promise. Someone should wake me up when the first set of steel billets are rolled out.

You are right. But this is some what a giant achievement. The government have to settle the long standing dispute that have lasted for over 10 years. Just to clear the way.

fyneguy:
Balderdash!

glut worldwide yet we spend $3 Billion annually importing steel. The way some people reason is just ...

It should not worry you because most mind have been clouded by hatred. Secondly, most are still young in their thinking. Thirdly, they hardly take time to read and do informed research before commenting. As a rule of thumb, just say something NEGATIVE of this government.

The company "global infrastructure" is owned by Indians. The concession agreement had existed over the years. Between 2005 and 2008, GINLD were in charge of both NIOMCO and Ajaokuta steel complex administration. They were involved in cannibalization of the plants. They stripped several production process equipment in order to make another work. This was their engineering practice. They neither spent a dime to revive the plants nor made efforts to keep it working at optimum. Now, re-conceding the contract to them doesn't seem to make sense. I do not know the area of readjustment of the agreement that is made now, but I think the FG should make this public for scrutiny. By and large, GINLD isnt the best alternative for resuscitation of the steel complex following their past woeful performance. The initial contactors which are the Russians should be invited. For Niomco, the Germans should be recalled. That's my sixpence advise

princeofpeace22:
The Nigerian government has begun the process of resuscitating the long abandoned Ajaokuta Steel Company, located in Kogi State, Central Nigeria.

The follows the signing of the modified concession agreement between government and Global Infrastructure Limited, that will execute the work at the Ajaokuta steel plant.

Speaking at the event, which took place in his office, Vice President Yemi Osinbajo said steel production was vital to the development of the country, thus the determination of President Muhammadu Buhari to see that Ajokuta Steel Company is completed.

The Vice President said steel remains a very important requirement that the country uses a lot and would soon start producing the product locally, in line with government’s diversification drive.

“Everybody in Nigeria talks about what we can do with steel. It is such an important requirement and we spend so much on it. But I think that this is possibly the first concrete step towards ensuring that all of our complaints are dealt with and that we are able to at least say that in not too long time from now, we will be able to at least produce our own steel,” he said.

The Vice President said government was saddened with the failure of past regimes to midwife the smooth take off of the Ajaokuta Steel Company of Nigeria.

The Vice President said doing so had incurred many losses for the country but the current administration is focused on resuscitating the company.

“It’s very clear that this is one of those failures of basically getting things done over the years. Somehow, one way or the other, we let the ball drop and we just couldn’t get it back on track. Unfortunately it has cost us a lot but it’s a good thing that we are now able to recover from all that and get on the path of getting things right and resuscitating Ajaokuta,” the Vice President noted.

He thanked the Minister of Solid Minerals and all staff of the ministry for working tirelessly to actualize the dream.

Professor Osinbajo described the next few months a critical to Nigeria, as the execution of the modified concession agreement for Ajaaokuta steel plant gets underway.

Historic event

In his remarks, Minister of Solid Minerals and Steel Development, Dr Kayode Fayemi said the signing of the agreement was historic because it will help resuscitate the company, as directed by President Muhamadu Buhari.

Shedding more light more on the agreement, he said it had many other components that were vital.

“There are other associated issues that we are going to be addressing in the course of the execution, which includes an agreement on the rail as well as the ports relationship which is primarily a matter for the ministry of transportation and Global Infrastructure Limited,” Dr Kayode explained.

The Minister lamented that Nigeria currently spends over three billion dollars on the importation of steel.

Also speaking, Chairman of Global Infrastructure Limited, Mr Pramod Mittal said the company was committed to accomplishing the task before it.

The highpoint of the event was the appending of signatures on the agreement papers, as the Minister of Solid Minerals, Dr Kayode Fayemi signed on behalf of the federal government while the Chairman of Global Infrastructure Limited, Mr Pramod Mittal signed for his company.


http://www.nta.ng/news/investment/20160802-fg-kick-starts-resuscitation-of-ajaokuta-steel-company/

God your name be praised for this...its been long coming.

Lush100:
.

Good news but I have lot of fears.
if the original investors, the Russian are not the ones handling it, I forsee the same vicious circle,
from background info, I learnt it is the Indians that are in it.
I'm not comfortable if u have gone thru the history of ASC

I heard the russians/ukrainians who built it have been invited to come handle the steel company. But the agreement/compromise reached is that the indians still get to keep the iron ore mining company (which supplies the raw material to the steel plant.

But why tag them Ugandan ?

efilefun:
watch our ugandan brothers rubbish the news within few minutes

Ugandans are good people

fyneguy:
Balderdash!

glut worldwide yet we spend $3 Billion annually importing steel. The way some people reason is just ...

What you just said is contradictory. A glut means that prices will be dirt cheap and would be far cheaper to import than to make it locally.

LocaL steel will be too expensive compared to imported steel thereby making thhe local end users uncompetitive.

Cool

NigerDeltan:
Pretty awa u